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(NEW YORK) — Iranian attacks on significant energy infrastructure and refineries in several Gulf countries pushed oil and gas prices higher in volatile trading on Thursday.

Brent crude oil prices, a benchmark for global trading, climbed by about 6%, hitting $116 per barrel for contracts to purchase oil in May.

The benchmark for European gas also surged by about 15% after Iran on Wednesday released retaliatory strikes targeting energy sites in several Gulf countries.

An Iranian drone struck a Saudi Aramco refinery in Yanbu, on the Red Sea, on Thursday, according to the Saudi Ministry of Defense, which said the extent of the damage was being assessed. That refinery is a joint venture between Aramco and the U.S.-based Exxon Mobil Corp.

Kuwait also on Thursday said its Mina Al-Ahmadi Refinery, which is run by the state-owned National Petroleum Company, had been struck by a drone. There was a “limited” fire at the facility, according to the official Kuwait News Agency.

Qatari authorities said on Wednesday that Iranian ballistic missile attacks caused fires and “extensive damage” at the Ras Laffan terminal, which carries about one-fifth of the global supply of liquid natural gas. Qatar Energy, which runs the terminal, has said on March 2 that it would bring liquefied natural gas production at Ras Laffan to a halt.

Iran’s Islamic Revolutionary Guard Corps had issued warnings for several Gulf energy production sites, including the refinery in Yanbu, after Wednesday’s Israeli strikes on the South Pars Gas Field, the largest in Iran.

Those attacks added uncertainty to a market already on edge, as the overall conflict and the near-closure of the vital Strait of Hormuz by Iran has sent key energy prices higher.

The Dutch Title Transfer Facility, which is widely seen as the European benchmark for natural gas, saw forward-looking contracts for next month climb about 15% in midmorning trading on Thursday. Trading was volatile, and those contracts had registered intraday gains as high as about 30% in morning trading.

Since the conflict began on Feb. 28, with U.S. and Israeli strikes on Tehran, the TTF benchmark’s rate has about doubled. Intraday prices on Thursday hovered above about 60 euro per MWh, while those LNG contracts had traded below 30 euro per MWh between mid-November and mid-January.

Brent crude had been trading prior to the conflict near $70 a barrel. Prices has previously peaked at about $120 a barrel on March 9.

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(NEW YORK) — The Federal Reserve held interest rates steady on Wednesday at its first meeting since the U.S.-Israeli war with Iran drove up gasoline prices and risked a wider bout of inflation.

The central bank’s move marked the second consecutive time it has opted to maintain interest rates at current levels since the outset of 2026. Before that, the Fed cut interest rates a quarter-point three straight times. The decision on Wednesday matched market expectations.

“The implications of developments in the Middle East for the U.S. economy are uncertain,” the Federal Open Market Committee (FOMC), a policymaking body at the Fed, said in a statement on Wednesday.

Elevated price increases have coincided with a slowdown of economic growth, threatening to intensify an economic double-whammy known as “stagflation,” which poses difficulty for the Fed.

If the Fed opts to lower borrowing costs, it could spur growth but risk higher inflation. On the other hand, the choice to raise interest rates may slow price increases but raises the likelihood of a cooldown in economic performance.

The benchmark rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.

A lackluster jobs report last week showed the U.S. economy lost 92,000 jobs in February, which marked a reversal of fortunes for the labor market and erased most of the job gains recorded in 2026.

The unemployment rate ticked up from 4.3% in January to 4.4% in February, the BLS said. Unemployment remains low by historical standards.

A revised government report last week on gross domestic product (GDP) showed the economy grew at a sluggish annualized pace of 0.7% over the final three months of 2025.

Those economic headwinds helped set the conditions before the outbreak of war with Iran, which spiked oil prices and risked price increases for a host of diesel-fuel transported goods.

U.S. crude oil prices rose to about $97 per barrel on Wednesday, marking a surge of more than 50% since a month earlier.

Since the military conflict began, U.S. gas prices have gone up 86 cents to an average of $3.84 per gallon as of Wednesday, according to AAA.

The rate decision on Wednesday marked the first such move since a federal judge blocked Justice Department subpoenas to the Federal Reserve’s Board of Governors after determining the government “produced essentially zero evidence” to support a criminal investigation of Fed Chair Jerome Powell, according to an unsealed court opinion.

“A mountain of evidence suggests that the Government served these subpoenas on the Board to pressure its Chair into voting for lower interest rates or resigning,” U.S. District Judge James Boasberg said in his opinion on Friday.

Acting U.S. Attorney Jeanine Pirro blasted Boasberg as an “activist” judge and pledged to appeal his ruling.

ABC News’ Alexander Mallin, Allison Pecorin, and Jack Date contributed to this report.

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(NEW YORK) — The Dow Jones Industrial Average closed down more than 700 points on Thursday as global oil prices spiked above $100 a barrel.

The Dow plunged 730 points, or 1.5%, while the S&P 500 dropped 1.5%. The tech-heavy Nasdaq declined 1.7%.

A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices amid the U.S.-Israeli war with Iran.

Oil markets are suffering a major supply shortage due to an Iranian blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.

Global crude oil prices hovered at about $101 per barrel on Thursday, which marked a 9% increase from a day earlier. Oil prices have soared 49% over the past month.

Prices at the pump have also soared. U.S. gasoline prices jumped to $3.59 on Thursday from $2.94 a month earlier, AAA data showed.

Indexes fell worldwide on Thursday as the jump in oil prices rippled through global markets. Tokyo’s Nikkei 225 index dropped 1.2%, while pan-European STOXX 600 index slipped 0.5%.

In recent days, President Donald Trump has voiced mixed messages about how the White House may address oil prices and related cost woes.

Trump has indicated the war may end soon, but he has also threatened to escalate the conflict if Iran continues to impede tanker traffic in the Strait of Hormuz.

“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stoping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World,” Trump said.

In a social media post on Thursday morning, Trump downplayed the rising oil prices, saying they would financially benefit the U.S.

In his first purported message, Mojtaba Khamenei, the newly installed supreme leader of Iran, on Thursday addressed the importance of the Strait of Hormuz.

Khamenei said the closure of the shipping route must be sustained as a “tool to pressure the enemy,” according to CNBC.

This is a developing story. Please check back for updates.

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(NEW YORK) — Oil prices surged and stocks tumbled worldwide in early trading on Thursday as Iran escalated shipping attacks in a critical tanker route.

Global crude spiked above $100 a barrel on Thursday before settling slightly below that key benchmark. The rise in oil prices defied a U.S. effort hours earlier to reassure markets with an announcement of the second-largest ever release from the nation’s petroleum reserve.

A selloff hit Wall Street as traders feared economic fallout from a potentially prolonged bout of elevated oil prices.

The Dow Jones Industrial Average fell 550 points, or 1.1%, while the S&P 500 dropped 0.8%. The tech-heavy Nasdaq declined 0.8%.

Oil markets are suffering a major supply shortage due to the near-closure of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Inflation held steady in February, maintaining price increases at elevated levels in the weeks before the U.S.-Israeli war with Iran sent gasoline prices surging and stoked heightened concern about affordability. The reading matched economists’ expectations.

Prices rose 2.4% in February compared to a year earlier, leaving the inflation rate unchanged from January, U.S. Bureau of Labor Statistics data showed. Inflation stands slightly higher than the Federal Reserve’s target rate of 2%.

Oil prices have surged since the war with Iran late last month, ratcheting up costs for gasoline and airfare, and threatening to push up prices for a vast array of goods reliant on diesel-fuel transport, some analysts previously told ABC News.

Fuel prices rose in February as traders anticipated the possible outbreak of war with Iran, government data showed. Gasoline prices climbed more than 3% in February from a month earlier, according to the inflation report.

Food prices climbed 3.1% in February compared to a year earlier, registering above overall inflation and maintaining their pace from the previous month.

A lackluster jobs report last week showed the U.S. economy lost 92,000 jobs in February, which marked a reversal of fortunes for the labor market and erased most of the job gains recorded in 2026.

The unemployment rate ticked up from 4.3% in January to 4.4% in February, the BLS said. Unemployment remains low by historical standards.

Sluggish hiring has coincided with elevated inflation, threatening a period of “stagflation.”

Those economic headwinds helped set the conditions before the outbreak of war with Iran, which spiked oil prices and risked price increases for a host of diesel-fuel transported goods.

U.S. crude oil prices hovered at about $86 per barrel on Tuesday, surging more than 30% since a month earlier.

The average price of a gallon of gasoline in the U.S. soared to $3.53 on Tuesday from $2.92 a month prior, AAA data showed.

Still, the overall economic picture remains mixed.

A government report in February on gross domestic product (GDP) showed the economy grew at a tepid annualized pace of 1.4% over the final three months of 2025. That reading indicated a dramatic cooldown from the strong annualized growth of 4.4% recorded in the previous quarter, U.S. Commerce Department data showed.

The Iran war threatens to slow U.S. economic growth since oil-driven price increases could weigh on consumers and businesses, analysts previously told ABC News.

The potential combination of higher inflation and slower growth could also pose a challenge for the Fed, putting pressure on both sides of its dual mandate to manage prices and maintain maximum employment.

If the Fed opts to lower borrowing costs, it could spur growth but risk higher inflation. On the other hand, the choice to raise interest rates may slow price increases but risks a cooldown of economic performance.

The central bank held interest rates steady at its most recent meeting in January, ending a string of three consecutive quarter-point rate cuts. Policymakers will make their next interest-rate decision on March 18.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — An inflation report to be released on Wednesday will provide the latest measure of price increases as the U.S.-Israeli war with Iran drives up gasoline costs and renews concerns about affordability.

The fresh data — which is set to detail prices in February — will show the cost burden borne by households weeks before the outbreak of war.

Economists expect prices to have increased 2.4% in February from a year earlier, which would leave the inflation rate unchanged from January. Inflation stands slightly higher than the Federal Reserve’s target rate of 2%.

A lackluster jobs report last week showed the U.S. economy lost 92,000 jobs in February, which marked a reversal of fortunes for the labor market and erased most of the job gains recorded in 2026.

The unemployment rate ticked up from 4.3% in January to 4.4% in February, the BLS said. Unemployment remains low by historical standards.

Sluggish hiring has coincided with elevated inflation, threatening a period of “stagflation.”

Those economic headwinds helped set the conditions before the outbreak of war with Iran, which spiked oil prices and risked price increases for a host of diesel-fuel transported goods.

U.S. crude oil prices hovered at about $86 per barrel on Tuesday, surging more than 30% since a month earlier.

The average price of a gallon of gasoline in the U.S. soared to $3.53 on Tuesday from $2.92 a month prior, AAA data showed.

Still, the overall economic picture remains mixed.

A government report in February on gross domestic product (GDP) showed the economy grew at a tepid annualized pace of 1.4% over the final three months of 2025. That reading indicated a dramatic cooldown from the strong annualized growth of 4.4% recorded in the previous quarter, U.S. Commerce Department data showed.

The Iran war threatens to slow U.S. economic growth since oil-driven price increases could weigh on consumers and businesses, analysts previously told ABC News.

The potential combination of higher inflation and slower growth could also pose a challenge for the Fed, putting pressure on both sides of its dual mandate to manage prices and maintain maximum employment.

If the Fed opts to lower borrowing costs, it could spur growth but risk higher inflation. On the other hand, the choice to raise interest rates may slow price increases but risks a cooldown of economic performance.

The central bank held interest rates steady at its most recent meeting in January, ending a string of three consecutive quarter-point rate cuts. Policymakers will make their next interest-rate decision on March 18.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Stocks closed higher on Monday, recovering from sharp losses earlier in the day as markets whipsawed in response to developments in the U.S.-Israeli war with Iran.

The dramatic reversal on Wall Street came after U.S. oil prices turned lower on Monday afternoon. Crude prices settled at about $85 per barrel, unwinding a surge hours earlier that had reached as high as nearly $120 a barrel.

The Dow Jones Industrial Average closed up 230 points, or 0.4%, while the S&P 500 jumped 0.8%. The tech-heavy Nasdaq increased 1.3%.

The Dow had fallen as much as 750 points on Monday morning, before reversing those losses in the afternoon.

Oil prices fell into the red and stocks raced into the green after comments made by President Donald Trump to a CBS reporter, who posted on X that the president had said “the war is very complete, pretty much.”

Crude markets began to calm on Monday morning amid a meeting of the Group of Seven (G7) finance ministers about a possible coordinated release from their respective strategic petroleum reserves.

The G7 announced on Monday its decision to forego a release of reserve oil at this time, but traders appeared to view the group as willing to take such action.

Still, indexes fell worldwide on Monday as the jump in oil prices rippled through global markets. Tokyo’s Nikkei 225 index plunged 5.2%, while pan-European STOXX 600 index slipped 0.6%.

U.S. crude oil prices hovered at about $85 per barrel on Monday afternoon, which marked a roughly 6% decline from a day earlier. Since a month ago, however, oil prices have soared 34%.

The average price of a gallon of gasoline in the U.S. soared to $3.47 on Monday from $2.99 a week earlier, AAA said.

In a social media post on Sunday night, President Donald Trump downplayed the rise in oil prices.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said.

Soon after the war with Iran began on Feb. 28, U.S.-Israeli forces killed Supreme Leader Ayatollah Ali Khamenei in Tehran. His son Mojtaba Khamenei was chosen on Sunday to succeed him.

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(NEW YORK) — Stocks tumbled on Monday as oil prices climbed in response to the U.S.-Israeli war with Iran.

The Dow Jones Industrial Average fell 460 points, or 0.9%, while the S&P 500 dropped 0.5%. The tech-heavy Nasdaq inched down 0.2%.

The major indexes recovered some of their earlier losses on Monday, however, after oil price hikes cooled. Oil markets settled amid a meeting among Group of Seven (G7) finance ministers about a possible coordinated release from their respective strategic petroleum reserves.

The G7 announced on Monday its decision to forego a release of reserve oil at this time, but markets appeared to view the group as willing to take such action.

The Dow fell as much as 750 points on Monday morning, before paring some of its losses in the afternoon.

Indexes fell worldwide on Monday as the spike in oil prices rippled through global markets. Tokyo’s Nikkei 225 index plunged 5.2%, while pan-European STOXX 600 index slipped 0.6%.

Oil prices climbed as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.

U.S. crude oil prices hovered at about $95 per barrel on Monday afternoon, which marked a nearly 5% hike. Since a month ago, oil prices have soared a staggering 50%.

Oil prices climbed as high as nearly $120 per barrel overnight, but retreated after the Financial Times reported G7 finance ministers would meet to discuss a possible coordinated release from their respective strategic petroleum reserves.

After the meeting, oil prices fell further but remained higher than where they stood a day prior.

The average price of a gallon of gasoline in the U.S. soared to $3.47 on Monday from $2.99 a week earlier, AAA said.

In a social media post on Sunday night, President Donald Trump downplayed the rise in oil prices.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said.

Soon after the war with Iran began on Feb. 28, U.S.-Israeli forces killed Supreme Leader Ayatollah Ali Khamenei in Tehran. His son Mojtaba Khamenei was chosen on Sunday to succeed him.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.

(NEW YORK) — Artificial-intelligence firm Anthropic sued the Trump administration on Monday over the Pentagon’s choice to designate it a “supply-chain risk,” legal filings show.

A spokesperson for Anthropic said the legal action “does not change our longstanding commitment to harnessing AI to protect our national security, but this is a necessary step to protect our business, our customers, and our partners.”

A Department of Defense spokesperson told ABC News: “As a matter of Department of War policy, we do not comment on litigation.”

This is a developing story. Please check back for updates.

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(NEW YORK) — Stocks tumbled in early trading on Monday as oil prices soared above $100 per barrel in response to the U.S.-Israeli war with Iran.

The Dow Jones Industrial Average fell 720 points, or 1.5%, while the S&P 500 dropped 1.3%. The tech-heavy Nasdaq declined 1.2%.

Indexes fell worldwide on Monday as the spike in oil prices rippled through global markets. Tokyo’s Nikkei 225 index plunged 5.2%, while pan-European STOXX 600 index slipped 1.7%.

Oil prices soared as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of the global oil supply.

U.S. crude oil prices topped $100 per barrel on Monday, marking a staggering 54% increase since late last month.

Oil prices climbed as high as nearly $120 per barrel overnight, but retreated after the Financial Times reported Group of Seven (G7) finance ministers would meet to discuss a possible coordinated release from their respective strategic petroleum reserves.

The average price of a gallon of gasoline in the U.S. soared to $3.47 on Monday from $2.99 a week earlier, AAA said.

In a social media post on Sunday night, President Donald Trump downplayed the rise in oil prices.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said.

Soon after the war with Iran began on Feb. 28, U.S.-Israeli forces killed Supreme Leader Ayatollah Ali Khamenei in Tehran. His son Mojtaba Khamenei was chosen on Sunday to succeed him.

This is a developing story. Please check back for updates.

Copyright © 2026, ABC Audio. All rights reserved.